JPMorgan Chase & Co. Cuts Rivian Automotive (NASDAQ:RIVN) Price Target to $12.00

Rivian Automotive (NASDAQ:RIVN) had its target price trimmed by JPMorgan Chase & Co. from $14.00 to $12.00 in a research note published on Tuesday morning, Benzinga reports. The firm currently has an underweight rating on the electric vehicle automaker’s stock.

Several other equities analysts have also issued reports on the company. The Goldman Sachs Group lowered their price target on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $14.00 price objective on shares of Rivian Automotive in a research report on Tuesday, September 10th. Truist Financial reduced their target price on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a research report on Wednesday, October 16th. Piper Sandler restated an “overweight” rating and issued a $21.00 price objective on shares of Rivian Automotive in a research note on Wednesday, June 26th. Finally, Mizuho lifted their target price on shares of Rivian Automotive from $11.00 to $15.00 and gave the company a “neutral” rating in a research report on Friday, July 12th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $17.09.

Rivian Automotive Stock Performance

Shares of NASDAQ RIVN opened at $10.45 on Tuesday. The business’s 50-day simple moving average is $12.04 and its 200-day simple moving average is $12.24. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $24.61. The firm has a market cap of $10.54 billion, a price-to-earnings ratio of -1.75 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. As a group, equities research analysts expect that Rivian Automotive will post -4.88 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $12,127,675.68. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the sale, the chief executive officer now owns 886,526 shares in the company, valued at $12,127,675.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the transaction, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 169,876 shares of company stock valued at $2,153,551. 2.51% of the stock is currently owned by company insiders.

Institutional Trading of Rivian Automotive

Several hedge funds have recently bought and sold shares of the stock. Vontobel Holding Ltd. boosted its stake in Rivian Automotive by 543.8% in the 3rd quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock worth $1,601,000 after purchasing an additional 120,544 shares during the period. Renaissance Capital LLC increased its stake in Rivian Automotive by 20.0% in the 3rd quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock valued at $9,958,000 after buying an additional 148,197 shares during the last quarter. Private Advisory Group LLC bought a new stake in Rivian Automotive during the 3rd quarter worth about $2,109,000. Royal London Asset Management Ltd. grew its holdings in shares of Rivian Automotive by 19.6% in the 2nd quarter. Royal London Asset Management Ltd. now owns 300,076 shares of the electric vehicle automaker’s stock valued at $4,027,000 after acquiring an additional 49,216 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in Rivian Automotive by 102.8% during the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock worth $33,276,000 after purchasing an additional 1,257,106 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Company Profile

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.